Debt



(in millions)	June 30, 2012		December 31, 2011		June 30, 2011
5.375% Senior Notes, due 2012 ¹	$	400	$	400	$	400
5.9% Senior Notes, due 2017 ²	399		399		399
6.55% Senior Notes, due 2037 ³	399		399		399
Notes payable	1		—		—
Total debt	1,199		1,198		1,198
Less: short-term debt including current maturities	400		400		—
Long-term debt	$	799	$	798	$	1,198


¹	Interest payments are due on February 15 and August 15, and, as of June 30, 2012, the unamortized debt discount is less than $0.1 million. These senior notes will mature on November 15, 2012.


²	Interest payments are due on April 15 and October 15, and, as of June 30, 2012, the unamortized debt discount is $0.5 million.


³	Interest payments are due on May 15 and November 15, and, as of June 30, 2012, the unamortized debt discount is $1.3 million.

Currently, we have the ability to borrow $1.2 billion in additional funds through our commercial paper program, which is supported by our $1.2 billion three-year credit agreement (our “credit facility”) that will terminate on July 30, 2013. We pay a commitment fee of 15 to 35 basis points for our credit facility, depending on our credit rating, whether or not amounts have been borrowed and currently pay a commitment fee of 20 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offer Rate, the prime rate determined by the administrative agent or the Federal funds rate. For certain borrowings under this credit facility there is also a spread based on our credit rating added to the applicable rate. As of June 30, 2012, we have not utilized our credit facility for additional funds.

Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this covenant has never been exceeded.